About the Role
Scope of work
Service Required
ACIC requires preparation of Annual Audited Financial Statements including:
• Statement of Financial Position
• Statement of Revenues and Expenditures
• Statement of Changes in Net Assets
• Statement of Cash Flows
• Audit Service Plan
• Preparation of Management Letter
• Presentation of Audit Results
• Information and advice on important issues relating to Global Affairs Canada rules, financial reporting that impact ACIC, and opportunities to improve compliance and controls
• Information and advice on government (federal, provincial or local) non-profit / small business support programs that could benefit ACIC.
The audited financial statements must be prepared in accordance with Canadian accounting standards for not-for-profit and must include an expression of opinion on the fairness of the financial statements as derived through Generally Accepted Auditing Standards.
ACIC requires that the Draft Audited Financial Statements be ready for review by ACIC’s Finance Committee no later than the first week in June and that Financial Statements be issued no later than mid-June, once the ACIC Board approves the statements to be issued at the Annual General Meeting (generally held the third Thursday of June).
Proposal Process, Terms and Timeline
Questions or requests for clarification regarding this RFP may be submitted in writing to Jennifer Sloot, ACIC’s Executive Director (jennifer@acic-caci.org) and Wissam Issa, Finance Manager (wissam@acic-caci.org) by the date specified below. These requests will be addressed during a virtual meeting with the proponents.
ACIC may issue addenda or clarifications to this Request for Proposal by the date specified below.
ACIC may cancel this Request for Proposal at any time and reserve the right to select one or none of the respondents at its own discretion as its preferred supplier. Selection of a preferred supplier does not constitute a binding contract between ACIC and the proponent. Neither ACIC nor its Board of Directors shall be obligated in any way by any proponent's response to this request for Proposal, nor shall ACIC be liable for any costs incurred by any proponent in the preparation of this Request for Proposal. All information provided in the proponent's proposal will be considered confidential and will become the property of ACIC for record keeping.
Proponents may not make modifications to their proposal after the closing time. Should a proponent make more than one proposal, only the one received last will be considered. The proponent by means of electronic delivery addressed to the ED and the Finance Manager as per the coordinates above.
Timelines and deliverables
Deliverable | Dates - 2025 |
Deadline for submission of proposals | April 3, 2025 |
Ratification of Auditors at Annual General Meeting | June 18, 2025 |
Requirements
About the Organization
Background
The Atlantic Council for International Cooperation (ACIC) is a coalition of individuals, organizations and institutions working in the Atlantic region to build and model just, equitable and sustainable communities, locally and globally. ACIC connects leadership across generations by strengthening members and partners, bridging dialogue and building networking and learning opportunities. ACIC also represents and amplifies the voice of Atlantic Canada and connects the Atlantic with other provincial, national and international stakeholders.
We acknowledge that we work and live in Mi’kma’ki, the traditional and unceded territory of the Mi’kmaq People. This territory is covered by the “Treaties of Peace and Friendship” which Mi'kmaq and Wolastoqiyik (Maliseet) people first signed with the British Crown in 1725. Making us all Treaty People, committed to the ongoing relationship between nations, and to reconciliation.
Financial and Business Operations
Please note that ACIC’s annual report and audited financial statements for the year ended March 31, 2024 can be found on our website: www.acic-caci.org.
ACIC’s operating budget is approximately $2 million dollars, and the organization is supported by a team of approximately 10 people, including two finance team members. The organization’s main revenue lines include government funded grants and contributions, membership dues, and a small revenue from events. Financial record-keeping is maintained on the QuickBooks Online (QBO) accounting system. Monthly statements are drawn, and internal reporting is regularly done through these systems.
Payroll is managed exclusively through the QBO system. Additionally, all archiving systems were transitioned to Microsoft SharePoint after the pandemic.
ACIC's fiscal year-end is on March 31st. We use the accrual system for all our reporting to our main funder (Global Affairs Canada), including annual financial statements and other internal and external reports.
Governance
The Atlantic Council for International Cooperation (ACIC) is governed by a diverse Board of Directors, with representatives from each Atlantic province and directors-at-large, ensuring regional diversity and gender balance. The Board convenes regular and special meetings, with an Executive Committee overseeing affairs between meetings.
Financial matters are addressed, designating March 31 as the financial year-end and requiring the preparation of annual financial statements. The Finance Committee, comprising the board treasurer, the Executive Director, the Finance Manager and the Program Director, reviews and presents audited financial statements for Board approval. This committee also recommends auditors' appointments at the Annual General Meeting.
Provisions for electronic members' meetings and absentee voting enhance flexibility. The by-laws include dispute resolution mechanisms. ACIC's governance emphasizes transparency, inclusivity, and sound financial management.
To Apply
Proposal outline
Please submit your proposal in the following format:
Section 1 Cover Letter (maximum one page)
Section 2 Overview of your Firm (maximum two pages)
Provide a general description of your firm with emphasis on general experience and capabilities in auditing not-for-profit organizations.
Section 3 Relevant Experience and References (maximum three pages)
Include a list of 2-3 similar not-for-profit organizations that your firm audits. At least two (2) of the reference organizations must have been audited by member(s) of your proposed audit team. For these two (2) referenced audits, please indicate which proposed audit team member(s) has conducted this work and provide a client reference contact name and details.
Provide a brief description (maximum one page per organization) for each of the referenced organization, years audited, the services provided, and any other relevant information that indicates how this audit experience relates to the work you would perform for ACIC.
Section 4 Proposed Audit Resources (maximum three pages)
Please provide the name(s), and brief description of roles and relevant experience of the senior member(s) of your proposed audit team (resume(s) may be provided in an appendix if desired)
Section 5 Financial Proposal (maximum two pages)
It is ACIC’s intention to appoint an auditor for a three-year period with an option to renew for an additional term. Accordingly, please provide a fixed price quote for the services requested for each of the fiscal years ending March 31, 2025, March 31, 2026, and March 31, 2027. Include any relevant assumptions related to your price quotes.
Please also outline your firm's approach and fees for extra billing for specialty work with a quote of your rates on an hourly basis, in the event any special services that may be requested by ACIC.
The pricing of the services should be provided in a separate electronic document that accompanies your proposal.
Submission Instructions
Proposals must be received by ACIC electronically at the coordinates above on or before 4 p.m. on April 3, 2025. Proposals received after this time will not be considered.
This Request for Proposal is not a contract.
Proposal Evaluation Criteria
ACIC will evaluate all proposals based on the following criteria:
• Price (Financial Proposal)– 40%
• Experience (Overview, Relevant Experience and References) – 30%
• Availability of service and quality (Audit Approach, Timing and Resource) – 30%